Who will price the stock?

Investors who are new to the stock market will have this kind of confusion. It is difficult to understand the impermanent fluctuation of stock price by understanding the price accumulated in daily life. Therefore, many investors attribute the change of stock price to "Zhuang", an omnipresent and omnipotent mysterious group, just as primitive people attribute incomprehensible natural fluctuations such as wind, rain, thunder and electricity to God. After evolution, investors tried to explain the change of stock price with theory. Some people think that the price is determined by the value of the company, while others think that the price is determined by market supply and demand. If we look for theoretical roots, value determinism belongs to Marxist economics. According to Marx's exposition, value is the basis of price, price is the manifestation of value, value determines price, and price fluctuates around value (this is the belief of typical value investors); Market determinism belongs to western economics, which holds that in a competitive market, market supply and demand form an equilibrium price based on the demanders' subjective feelings about marginal utility. The reason why theory can't explain reality lies not in the mistakes of reality, but in the limitations of theory. Whether it is value determinism or market determinism, it is actually the value concept of ordinary commodity market, not the value concept of stock market; It is the pricing principle of ordinary commodity market, not the pricing principle of stock market. Using the price theory of ordinary commodity market to explain the stock market, it is naturally impossible to understand the price fluctuation difference between ordinary commodity market and stock market.